• GBP/JPY bull run takes the pair into its highest bids since 2015.
• Technical ceiling parked near 196.00 at June 2015 high.
• Japan National CPI due early Tuesday, expected to ease further.

GBP/JPY is up over 6% YTD in 2024 as the pair continues to climb into multi-year highs, and has reached its highest bids since August of 2015 just above the 191.00 handle.

This week sees a smattering of UK economic data on the calendar, but is strictly low-tier. Japan’s National Consumer Price Index (CPI) inflation figures are due early Tuesday, with Japanese Retail Trade numbers slated for Thursday.

Japan’s National CPI for the year ended in January is broadly expected to reiterate the findings from the Tokyo CPI advance print as Japanese inflation continues to cool. Core National CPI is forecast to recede to 1.8% YoY from the previous period’s 2.3%.

Early Thursday’s Japan Retail Trade is expected to rebound to 2.3% YoY compared to the previous 2.1%, but January’s Industrial Production is expected to decline sharply by 7.4% compared to the previous month’s 1.4% increase.

GBP/JPY is on fast approach to 2015’s peak bids near 196.00, with prices above the 200.00 major price level waiting beyond. GBP/JPY has not traded above 200.00 since 2008